SINGAPORE, Feb 16 (Reuters) - Spot gold prices held steady
on Wednesday, after rising for two consecutive sessions with aid
from inflation concerns, while the SPDR Gold Trust holdings fell
to a nine-month low, as investors continue to watch the
development of the Middle East unrest.
FUNDAMENTALS
* Spot gold edged down 0.1 percent to $1,371.30 an
ounce by 0044 GMT. It hit a four-week high of $1,376.50 in the
previous session.
* U.S. gold futures inched down 0.2 percent to
1,372.10.
* Inflation in Britain jumped to twice the Bank of England's
target in January, prompting BoE Governor Mervyn King to
acknowledge that interest rates might rise more rapidly than
economists had expected.
* Growth in sales at U.S. retailers slowed in January,
partly due to harsh winter weather across much of the country,
but the trend remained supportive of an acceleration in the
economy.
* Unrest in the Middle East continued to unfold, with
protesters clashing with loyalists in Yemen and demonstrators
camping out in Bahrain's capital demanding political reform.
* Holdings in the SPDR Gold Trust , the world's largest
gold-backed exchange-traded fund, slipped to 1,224.008 tonnes by
Feb 15, its lowest in nearly nine months.
* Spot palladium was little changed at $835.75, after
hitting a 10-year high of $847 in the previous session.
MARKET NEWS
* Market breadth weakened and a prominent investor
retreated from bullish positions as a vulnerable U.S. stock
market slipped off 2-1/2-year highs on Tuesday.
* The dollar index held steady on Wednesday, and
looked well placed to test the ceiling of a long-held range
against the yen after hitting an eight-week high.
DATA/EVENTS (GMT)
1330 U.S. Build permits: change mm Jan 1330
U.S. House starts mm: change Jan 1330 U.S.
Housing starts number mm Jan 1330 U.S. PPI
inflation yy, NSA Jan 1330 U.S.
Producer prices mm Jan 1330 U.S.
Producer prices, core mm Jan 1330 U.S.
Producer prices, core yy Jan 1415 U.S.
Industrial output mm Jan 2330 Japan
Reuters Tankan DI Feb 2011
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> EU makes slow progress on debt-resolution package
> Food prices at "dangerous levels"-World Bank chief
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PRICES
Precious metals prices 0044 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1371.30 -1.65 -0.12 -3.39
Spot Silver 30.69 -0.07 -0.23 -0.55
Spot Platinum 1826.99 -0.25 -0.01 3.37
Spot Palladium 835.75 0.75 +0.09 4.53
TOCOM Gold 3703.00 26.00 +0.71 -0.70 28792
TOCOM Platinum 4970.00 -5.00 -0.10 5.83 7169
TOCOM Silver 82.50 0.50 +0.61 1.85 759
TOCOM Palladium 2255.00 11.00 +0.49 7.53 353
COMEX GOLD APR1 1372.10 -2.00 -0.15 -3.47 1416
COMEX SILVER MAR1 30.69 -0.01 -0.04 -0.82 1157
Euro/Dollar 1.3507
Dollar/Yen 83.72
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
(Reporting By Rujun Shen; Editing by Tomasz Janowski)
Reuters
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